Steps should be taken to encourage local entrepreneurs

Mostafijur Rahman Nasim: Bangladesh is moving forward rapidly keeping pace with the world. The country shows its caliber in many sectors. In the subcontinent, now Bangladesh is termed as a new Asian Tiger.

There are so many key sectors are behind Bangladesh's fast economy. According to a report, the economy of Bangladesh has been one of the top performers in Asia over the past decade, averaging annual growth of more than six percent. Much like Hong Kong, Singapore, South Korea and Taiwan during the industrialization of their economies, most of the growth that Bangladesh has experienced has come from garment, medicine and others sectors.

Similarly, the electronics industry in the country is one of the fastest growing sectors with great prospective. Well-known Bangladeshi local brands include Walton, Marcel, My One, Vision, Jamuna and others. These local manufacturers are exporting their goods to foreign countries satisfying the local demands. The export earning is playing a great role in the country's economy also.

Basically, the use of developed electronic goods including computer, cordless telephone, satellite television signal receiver equipments and other electronics products had began in the country in 1990. Some multinational companies started their production from that time. Later, many local organizations joined these companies. More than sixty electronic companies are functioning now here. Some of these manufacturing companies achieved world standard which uplift the image of Bangladesh and brought foreign revenue as well.

According to an economic analyst, Bangladesh is among the Next Eleven Economies (NEE) identified for having great opportunities for investment in foods and beverages, technology, textiles, leather tanning and real estate. These countries have respective big consumer markets and maintain single-digit inflation rates.

Investment bank Goldman Sachs had classified Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, the Philippines, Turkey, South Korea and Vietnam as the NEE of the 21st Century. Several international statistics said that if Bangladesh continues the ongoing economic pace, the country will achieve middle income country status soon. According to 'Guardian', Bangladesh will cross Middle East countries by 2050.

A question may rise in this regard that what was the reason behind the success? Actually, the reason would be intrinsic power of economy or the efforts of young entrepreneurs and energetic local manufacturers and others.

According to a report of United States Agency for International Development (USAID), there is a possibility to create employment facility for 1.5 crore people in next ten years by local organizers and entrepreneurs.

Economic growth can be defined as a positive change in the level of goods and services produced by a country over a certain period of time. Bangladeshi local products including garments, electronics, medicine, food, tools, fisheries and other emerging sectors are performing well. Although, the incumbent government took so many steps to support these rising sectors but, still there are some barriers.

Ongoing domestic demand and international market access are some key attractive issues to the investors. So the government should ensure an investor friendly environment.

Besides, local entrepreneurs would be the main force for economy. The incumbent government already took some positive initiative. However, the authority concerned should take more steps to encourage young generation.